National Bank Trust v Yurov & Ors [2020] EWHC 1779 (Comm) (05 June 2020)

National Bank Trust v Yurov & Ors [2020] EWHC 1779 (Comm) (05 June 2020)

The Court held that the 38% of the Vestra Account balance is beneficially owned by Mr Belyaev, as tracing principles and proportional depletion of the mixed fund were not rebutted by Mrs Belyaeva's evidence; thus, the charging order over that share is made final and the freezing order remains.

Citation
[2020] EWHC 1779 (Comm)
Parties
Claimant: National Bank Trust; Defendant: Ilya Yurov; Defendant: Sergey Belyaev; Defendant: Nikolay Fetisov; Defendant: Nataliya Yurova; Defendant: Irina Belyaeva; Defendant: Elena Pischulina
Jurisdiction
England and Wales
Judgment Date
05 June 2020
Procedural Posture
Commercial Court Application / Post Judgment Enforcement
Outcome
Application for final charging order granted; application to vary/discharge freezing order dismissed.
Legal Topics
Charging Order, Resulting Trust, Tracing, Fraudulent Transfers, Worldwide Freezing Order
Commercial Law Trusts and Equity Insolvency Charging Order Resulting Trust Tracing Fraudulent Transfers Worldwide Freezing Order

Case Brief

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Parties

National Bank Trust

Claimant

Ilya Yurov

Defendant

Sergey Belyaev

Defendant

Nikolay Fetisov

Defendant

Nataliya Yurova

Defendant

Irina Belyaeva

Defendant

Elena Pischulina

Defendant

Procedural Posture

Commercial Court Application / Post Judgment Enforcement

Legal Issues

  1. 1 Who is the beneficial owner of 38% of the Vestra Account balance?
  2. 2 Should relief be granted under the Insolvency Act 1986 in respect of the 38%?
  3. 3 Should the interim charging order be made final?

Ratio Decidendi

The Court held that the 38% of the Vestra Account balance is beneficially owned by Mr Belyaev, as tracing principles and proportional depletion of the mixed fund were not rebutted by Mrs Belyaeva's evidence; thus, the charging order over that share is made final and the freezing order remains.

Court Disposition

Application for final charging order granted; application to vary/discharge freezing order dismissed.

Orders

  • Final charging order over 38% of Vestra Account balance (approx. £500,000) in favour of National Bank Trust.
  • Mrs Belyaeva's application to discharge/ vary freezing order dismissed.